Mattern Capital Management LLC Has $14.75 Million Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Mattern Capital Management LLC decreased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 6.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 118,562 shares of the financial services provider's stock after selling 8,176 shares during the period. Brown & Brown accounts for 1.9% of Mattern Capital Management LLC's portfolio, making the stock its 2nd largest position. Mattern Capital Management LLC's holdings in Brown & Brown were worth $14,749,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BRO. Vanguard Group Inc. grew its holdings in shares of Brown & Brown by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider's stock valued at $3,054,493,000 after buying an additional 1,335,964 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Brown & Brown by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 6,099,649 shares of the financial services provider's stock valued at $620,737,000 after buying an additional 118,569 shares during the last quarter. Capital World Investors grew its holdings in shares of Brown & Brown by 15.6% during the fourth quarter. Capital World Investors now owns 4,195,681 shares of the financial services provider's stock valued at $428,043,000 after buying an additional 566,116 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Brown & Brown by 11.4% during the fourth quarter. Invesco Ltd. now owns 3,803,616 shares of the financial services provider's stock valued at $388,045,000 after buying an additional 388,411 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Brown & Brown during the fourth quarter valued at approximately $313,412,000. Institutional investors own 71.01% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BRO shares. Keefe, Bruyette & Woods increased their price target on shares of Brown & Brown from $100.00 to $102.00 and gave the company an "underperform" rating in a report on Friday, June 13th. UBS Group raised their target price on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a "neutral" rating in a report on Wednesday, April 9th. Edward Jones initiated coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They issued a "buy" rating on the stock. Morgan Stanley restated an "equal weight" rating and issued a $128.00 target price on shares of Brown & Brown in a report on Tuesday, March 25th. Finally, Barclays raised their target price on shares of Brown & Brown from $119.00 to $121.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $118.85.

Brown & Brown Stock Up 0.0%

BRO opened at $110.95 on Wednesday. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. Brown & Brown, Inc. has a 1-year low of $88.31 and a 1-year high of $125.68. The company has a market capitalization of $31.81 billion, a PE ratio of 30.90, a PEG ratio of 2.45 and a beta of 0.84. The firm's 50 day simple moving average is $111.19 and its two-hundred day simple moving average is $110.94.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the business posted $1.14 earnings per share. The firm's revenue was up 11.6% on a year-over-year basis. As a group, equities analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th were given a $0.15 dividend. The ex-dividend date was Monday, May 12th. This represents a $0.60 annualized dividend and a yield of 0.54%. Brown & Brown's payout ratio is presently 16.71%.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.

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